Visa (NYSE:V) stock gained 1.5% in Thursday after-hours trading after fiscal Q1 results topped Wall Street expectations as cross-border travel continued to recover from the pandemic and processed transaction grew 10% Y/Y.

Fiscal Q1 non-GAAP EPS of $2.18, exceeding the average analyst estimate of $2.01, rose from $1.93 in fiscal Q4 and $1.81 in Q1 2022.

Net revenue for the quarter ended Dec. 31, 2022 was $7.94B, vs. $7.70B consensus, increasing from $7.79B in the prior quarter and from $7.06B in the year-ago period.

“In our fiscal first quarter of 2023, Visa (V) grew net revenues 12% year over year as we saw stable payments volume and processed transaction growth and a continued cross-border travel recovery,” said CEO Alfred F. Kelly, Jr. On Feb. 1, Ryan McInerny will become CEO and Kelly assumes the role of executive chairman.

Payments volume in Q1 rose 7% Y/Y in constant dollars with cross-border volume up 22% and processed transactions up 10%. That compares with Q4’s payments volume growth rate of 10%, cross-border growth of 36%, and processed transactions increase of 12%.

Visa Inc. (V) Q1 total payments volume of $3.01T vs. Visible Alpha consensus of $3.11T, vs. $2.93T in Q3.

Q4 total operating expenses of $2.85B rose from $2.70B in the previous quarter and from $2.28B in the year-ago period.

Conference call at 5:00 PM ET.

Earlier, Visa (V) non-GAAP EPS of $2.18 beats by $0.17, revenue of $7.9B beats by $200M